Stock Market Update: GIFT Nifty Drops Over 100 Points Amid US-Iran Tensions
Stock Market LIVE: GIFT Nifty down over 100 pts; Asia mkts decline on uncertainty over US-Iran deal

Image: Business Standard
On June 2, 2026, the GIFT Nifty fell over 100 points, reflecting broader declines in Asian markets due to escalating tensions between the US and Iran. Iran's halt of negotiations and potential blockade of the Strait of Hormuz contributed to market uncertainty, while key IPOs are also in focus.
- 01The GIFT Nifty was down 172 points, trading at 23,276.
- 02Iran announced it would stop negotiations with the US and block the Strait of Hormuz due to ceasefire violations.
- 03Asian markets, including the Nikkei 225 and Kospi, fell by 1.63% and 2.48%, respectively.
- 04Brent crude oil prices dropped to $94.46 per barrel, down 0.55%.
- 05Merritronix's IPO is currently open for subscription, aiming to raise ₹70.03 crore.
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On June 2, 2026, the GIFT Nifty, an early indicator of the Nifty50's performance, dropped over 100 points, reflecting a decline of 172 points to 23,276. This downturn comes amid rising tensions between the US and Iran, as Iran announced a halt to negotiations and threatened to block the Strait of Hormuz due to ongoing ceasefire violations between Israel and Lebanon. US President Donald Trump expressed indifference towards the negotiations, indicating growing frustration. Consequently, most Asian markets also experienced declines, with the Nikkei 225 and Kospi falling by 1.63% and 2.48%, respectively. In the US, the Dow Jones Industrial Average and S&P 500 saw minor gains of 0.09% and 0.26%, while the Nasdaq Composite rose by 0.42%. Additionally, Brent crude oil prices fell to $94.46 per barrel, a decrease of 0.55%. In the IPO market, Merritronix's initial public offering is currently open for subscription, targeting ₹70.03 crore, while Aureate Tradde's IPO is set to close today, aiming to raise ₹27.29 crore.
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The decline in the GIFT Nifty and Asian markets may affect investor sentiment and trading activity in India.
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